MTN may reduce Jumia stake despite listing triumph – Business Day

Africa’s biggest mobile network operator MTN is likely to proceed with its plan to reduce its Jumia Technologies stake significantly even as the Nigerian-based e-commerce company soared after listing on the New York Stock Exchange on Friday.

Africa-focused Jumia’s share price leapt 75% in New York on Friday, giving it a market value of $1.9bn (R26.6bn). In response, MTN rose 1% to R98.51 on the JSE early on Monday, the best level since the mobile operator ran into regulatory troubles in Nigeria in August 2018.

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